Top 10 Tips for Amazon Sellers in 2024

What does it take to elevate your Amazon business and stand out from the competition? As the number of independent sellers on the world’s largest ecommerce platform continues to grow, the competition becomes even more fierce. However, with increased competition also comes great potential for success. 

Recent reports from Statista reveal that 61% of Amazon’s total paid units were sold by third-party sellers. Amazon marketplace continues to attract a growing number of sellers, with a total of 2.3 million active sellers on the site! Data from BusinessDIT highlights the magnitude of entrepreneurs taking advantage of what Amazon has to offer and emphasizes the importance of strategic planning to stand out in a highly competitive marketplace.

Top 10 Tips for Selling on Amazon in 2024

1. Optimize Your Product Listing with Images and Video

In the competitive world of online selling, captivating potential customers is crucial, and every second counts. With less than three seconds to grab a browser’s attention before they move on, dynamic high-quality product images become a powerful storytelling tool. Optimize your listings with at least seven images to make a significant difference. Additionally, investing your time and effort into creating an engaging video can also enhance your product listing.

When creating product images, include helpful captions that will lure interest and showcase how your product can be used or the problems it can solve. By illustrating these practical applications and showing the value of your product through visuals and captions, you can engage potential customers and increase their chances of purchasing your product.

You might consider outsourcing and enlisting the expertise of a professional or Amazon virtual assistant to ensure your product images are high quality and appealing. Their specialized skills can help capture your products in the best light for attracting and retaining customers. Soona, a content creation platform for ecommerce stores, is a one-stop shop for photography, video, models, and more.

2. Offer Competitive Pricing

Pricing your products correctly as a third-party seller on Amazon can directly impact your success. It’s essential to do your research and analyze your competitors to determine the optimal price point that maintains your relevance in Amazon’s rankings but also ensures profitability.

While seasonal sales and coupons are effective strategies, it’s important to strike a balance and avoid underpricing your products, as this can diminish their value. Timing plays a crucial role in pricing decisions. 

Careful consideration of market dynamics and strategic pricing adjustments can position your products competitively, increase their perceived value, and maximize profitability. Finding the right pricing strategy requires an in-depth analysis of your competition, market, and sales periods so that you find the balance between competitive pricing and your financial success.

3. Build Brand Awareness to Increase Sales

Every facet of your Amazon business, from customer reviews to photography and videos in your product listing creates an opportunity to tell your brand’s unique story. Seize every chance that Amazon offers to promote your brand effectively. 

Take advantage of Amazon’s image-led browsing feature designed to enhance brand discovery and nurture new customer connections by incorporating lifestyle photography. 

Additionally, the Amazon storefront serves as an excellent platform to showcase your brand. With a professional seller account and brand registration with FBA, you gain access to an individual URL and greater flexibility to optimize your product listings. This expanded space allows you to captivate customers and unlock the full potential of your brand on Amazon.

By taking advantage of these branding opportunities, you can create a brand narrative, enhance your product visibility, and establish a strong brand presence within the Amazon marketplace!

4. Be Proactive with Your Amazon Business 

It’s important to address a common misconception often portrayed in videos online. While some may depict Amazon sellers lounging on the beach while their business runs itself, the reality is far from it. Running a successful business online requires significant work, planning, and dedication.

To set yourself up for success on Amazon, you need to establish a routine early on to consistently manage important tasks. Checking orders daily, confirming shipping details, optimizing your inventory, knowing important Amazon dates and deadlines, and promptly addressing any customer inquiries or complaints should be a priority to maintain streamlined operations and position yourself for long-term success.

5. Optimize Your Listings with Targeted Keywords

Finding and implementing the right keywords for your product listing is a four-step process:

• Research
• Input
• Analyze
• Repeat

Allocate sufficient time to conduct thorough keyword research rather than simply inputting keywords into your product listings. Analyze your competition to identify the most effective keywords that can improve your products’ rankings on Amazon. Optimize product details with SEO in mind, utilizing every opportunity to enhance your visibility.

However, keep in mind that keyword data evolves with market trends. To stay ahead, you need to schedule regular keyword updates every few months. Also plan to optimize your listings by adding keywords for important holidays like Christmas, Valentine’s Day, or Mother’s Day. By keeping current and making these small but impactful changes to your store, you can better position yourself among the top sellers in your market.

6. Win the Amazon Buy Box

Amazon’s coveted Buy Box can be found on a product page where a shopper can click “Add to Cart” or “Buy Now." Because sellers are allowed to market the same product on Amazon, an almost guaranteed way to increase your sales is to become the default seller for any of those specific product listings.

• ‍Offering free shipping: If you are set up on Seller Central to offer free shipping and a variety of shipping options, this will help you win the Buy Box.‍ 
• Stay in stock: If a customer orders your product and you are all of a sudden out of stock, this will hurt your rankings and will probably end up losing you the Buy Box.‍
• Great customer service: It helps if you have a record of prompt replies, good reviews, and are an engaged, active seller on Amazon.

7. Leverage Analytics to Refine Your Selling Strategy

Dive deep into your analytics on Amazon. Understanding what metrics to analyze and the frequency of checking the latest statistics can significantly enhance your sales on Amazon. Regularly check the health of your product listings and try to understand why your products are succeeding or not succeeding. A great tool to check out is Amazon Brand Analytics. This platform, offered for free to sellers on Amazon, can help you better understand your customers and what shoppers are buying on Amazon. With the Brand Analytics tool, you can search top-selling products by category, demographic, search query, and more. It contains multiple dashboards that you can use to help make strategic decisions for your business.

8. Optimize Your Amazon Advertising with PPC

If you’re considering increasing your ad spend to drive sales growth, conducting thorough research beforehand is vital. There are a few different advertising options on Amazon to consider. This is also an opportunity to partner with the professionals. 

Mayan’s suite of tools has assisted numerous Amazon sellers in achieving significant business growth. Claim your free ad audit to see where you can improve your business. Our free audit will review things like keywords, campaign structure, ACoS, TACoS, ROAS, and more.

9. Stay Current with Amazon Seller Fees

With each new year,  there will be changes to Amazon seller fees, and 2024 will have both increases and decreases. These changes are not going to affect all sellers equally and how you run your business will affect how they impact your bottom line.

Amazon has said that some changes, such as separating inbound and outbound fees, are meant to improve efficiency and place items closer to customers. That means, in a practical sense, that many of the changes — including increases and decreases in fees — are meant to incentivize you as a seller to conduct business the way Amazon wants you to.

The key to ensuring these changes don't hurt you is understanding them as well as possible. Learn more about changes to Amazon seller fees in 2024.‍

10. Attend Amazon Seller Events

‍Never underestimate the power of collaboration and the inspiration it can bring. When the opportunity arises, register for an Amazon seller event or attend an industry show like Prosper. These are fantastic networking opportunities, allowing you to connect with like-minded sellers, gain fresh ideas for your business, and engage with the large online seller community.

Attending these events can open the door to new perspectives, insights, and connections that can fuel your growth and rejuvenate your entrepreneurial spirit. 

To stand out amidst the thriving Amazon marketplace, it is important to engage in meticulous planning. This includes conducting market research, optimizing product listings, and delivering exceptional customer experiences. By staying ahead of trends, capitalizing on your opportunities, and continuously refining your approach, you can position your Amazon business for long-term success and carve out a competitive edge in this dynamic marketplace.

Make Success a Breeze With Mayan